Is Ooltewah / Summit, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Ooltewah / Summit is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Ooltewah / Summit has remained a Seller's Market.

Key Takeaway

Ooltewah / Summit is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Ooltewah / Summit, TN

How much do homes in Ooltewah / Summit, TN cost?

Median Sold Price

$448,802

$194/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$29,198(+7.0%)

Key Takeaway

Homes in Ooltewah / Summit have sold for 7% more than they did a year ago.

Summary: The median home sold price in Ooltewah / Summit was $448,802 in April 2024, up 7% from last year, and the median price per square foot was $194.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 -$139.9K
N/A
2 $275K$300K
+9.1%
3 $370K$380K
+2.7%
4 $460K$485K
+5.4%
5+ $637K$670K
+5.2%

Summary: Ooltewah / Summit housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.1%, 3 bedroom homes increased by 2.7%, 4 bedroom homes increased by 5.4%, and 5+ bedroom homes increased by 5.2%.

Median Sold Price Compared To Nearby Neighborhoods

Ooltewah / Summit
+7.0%
Apison
+6.3%
Harrison
+4.0%
Harrison Bay
-10.2%

Housing Supply in Ooltewah / Summit, TN

How many homes are available in Ooltewah / Summit, TN?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
141169+19.9%

Summary: The Ooltewah / Summit real estate market had 169 homes for sale in April 2024, a 19.9% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 10
-100.0%
2 54
-20.0%
3 5868
+17.2%
4 5770
+22.8%
5+ 2027
+35.0%

Summary: The Ooltewah / Summit housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 20%, 3 bedroom homes increased by 17.2%, 4 bedroom homes increased by 22.8%, and 5+ bedroom homes increased by 35%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
3730-18.9%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

14 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Ooltewah / Summit, expect to pay close to the asking price. 46.7% of homes here sold near the asking price last month.

Summary: A total of 30 homes were sold or pending in Ooltewah / Summit in April 2024, down by 18.9% month-over-month. Of the 30 sold homes, 33% were sold under asking, 47% were sold at asking, and 20% were sold over asking.

Days on Market for Ooltewah / Summit, TN

How long does it take to sell a home in Ooltewah / Summit, TN?

Average Sale Time

Apr 2023Apr 2024CHANGE
12 Days56 Days+351.6%

Summary: Homes in Ooltewah / Summit had an average of 56 days on market in Apr 2024, up by 351.6% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Ooltewah / Summit are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 30 homes were sold in Ooltewah / Summit; 10% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

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